Buying a Home in Oklahoma City

Oklahoma is self-proclaimed as “Native America” due to the large population of Native American tribes who call the state their home. Well over 20 different tribes have reservations in Oklahoma and the name Oklahoma itself is a Choctaw word meaning Red People. As the capital of Oklahoma, Oklahoma City is the largest city in Oklahoma and is the 3rd largest city in the United States in terms of its actual land area, trailing only Anchorage, AK and Jacksonville, FL.

The chances of landing a job in Oklahoma City are very good. The economy is becoming more and more diversified and is growing. There is a large concentration of Aerospace and Aviation companies within the Oklahoma City area with over 265 different firms. You’ll also find that Oklahoma City houses and an impressive number of Bioscience corporations developing goods and services while employing over 40,000 people. Energy, in the form of the oil and gas industry, also plays an important role in the economy in and around Oklahoma City. Additionally, there is also a strong presence in Business Services, Transportation and Logistics, Health Care, and Telecommunications.

With a growing economy comes job growth and Oklahoma City is seeing an expanding workforce. For starters, the unemployment rate in Oklahoma City sits at 3.8% which is nearly half of the national average at 6.3%. As a bonus, the job growth numbers are above the national average in both recent and future growth. Recent surveys showed year over year job growth that brought over 10,000 new jobs to the area between May 2015 and April of 2016. The industry’s fueling this job creation charge are Energy, Agriculture, Finance, Aerospace, and Transportation.

We’ve established that Oklahoma City has a great economy and good job growth but let’s take a look at living affordability. The median household income in Oklahoma City is approximately $46,000 and is ranked #1 in the country for income growth. The cost of living in Oklahoma City is considerably lower than the national average in nearly every category from gasoline to groceries. Additionally, housing is also very affordable with the median home price at just $126,700 which is at that magical ratio of 2.2 that most lenders agree is the ideal environment for affordability.

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